Top Federal Tax Issues for 2019 CPE Course: Module 2

Author: James R. Hamill, Jennifer Kowal

CCH's Top Federal Tax Issues Course identifies those recent events that have developed into the current “hot” issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2019. They have been selected not only because of their impact on return preparation during the 2019 tax season but also because of the important role they play in developing effective tax strategies for 2019 and beyond. This module will cover how tax reform impacts business compliance issues.

Publication Date: October 2018

Designed For
CPAs, Tax Professionals

Topics Covered

• Computation of the Section 199A Qualified Business Deduction
• Limits based on taxable income of the qualified business
• Limits based on the taxpayer's taxable income
• Phase-out computations for a service business
• Wage or wage/capital limitations on non-service businesses
• Planning to control taxable income
• Impact of Section 199A on purchase price allocations
• Reporting issues for flow through entities
• Rules regarding pass-through of S corporation items of income and deductions
• Additions to S corporation basis, including effects of S corporation liabilities
• Loans between S corporation and shareholders
• Tax Distributions

Learning Objectives

• Recognize what a qualified business is and how the deduction on income of flow-through entities functions
• Identify service and nonservice businesses and how the deductions differ for each type
• Recognize how the new tax law changes ancillary tax issues of qualified businesses
• Recognize rules applicable to passthrough of S corporation income and deductions
• Identify effects of S corporation income, liabilities, and loans
• Recognize how to characterize S corp distributions as salary versus income

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (6 hours)

Program Prerequisites
Basic understanding of Federal tax law

Advance Preparation
None